J. Crew has filed for bankruptcy but says nothing is changing for shoppers

• J. Crew has filed for bankruptcy.
• But shoppers can still shop online, send in returns and exchanges, and use gift cards as usual.
• The company also said that it does not expect the bankruptcy proceedings to affect loyalty programs at J. Crew and Madewell.
• Visit Business Insider's homepage for more stories.

J. Crew filed for Chapter 11 bankruptcy protection on Monday.

But the operator of 182 J. Crew stores, 140 Madewell stores, and 170 J. Crew Factory stores is reassuring shoppers that the restructuring won't change much for them.

Customers can shop online as usual as many stores remain closed due to the coronavirus pandemic.

On a page of frequently asked questions about the bankruptcy filing, the company said it expects the impact on customers to be minimal.

"We are and will remain fully operational throughout this restructuring process, although we will continue operating under the COVID response measures currently in place and look forward to reopening our stores in accordance with CDC guidance as quickly and safely as possible," it said.

"In the meantime, we continue to offer the same high‐quality products you love and great customer service you expect from J.Crew, J.Crew Factory and Madewell through our e‐commerce platforms."

It added that it expects services including loyalty programs, gift cards, returns, and exchanges to be able to continue as usual.

The company previously changed some of its other policies in response to the coronavirus' spread.

It expanded its returns and exchanges policy to be effective for 60 days for all purchases after March 1. It also warned about potential shipping delays as it has implemented social distancing measures in its distribution centers.

On its frequently asked questions page, J. Crew said it did not expect the bankruptcy proceedings to affect its ability to reopen stores in states that are allowing "nonessential" retail locations to operate once more.

J. Crew said Monday it had reached an agreement with its lenders to convert about $1.65 billion of its debt into equity. As of February, it had nearly $1.7 billion in debt.

Do you work at J. Crew or Madewell and have a story to share? Contact this reporter at mstone@businessinsider.com.

Read the original article on Business Insider